What Is An Impairment Of Assets?

Hi,
 
Asset impairment is defined as the following :
 

"An unexpected decline in the service utility of a capital asset, such as a factory, property or vehicles. This could be the result of physical damage to the asset, obsolescence due to technological innovation, or changes to the legal code. Impairments can be written off. "



Example:
If she doesn't keep her hands off my boyfriend, I'm going to give her some serious asset impairments.
 
Impairment occurs when the sum of the expected cash flows from the asset is less than the book value of the asset.
 
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